Aveng to sell non-core assets
It agrees to sell Aveng Water and Aveng Namibia Water for R95 million.
South Africa’s construction firm Aveng said it has entered into an agreement with black-owned firm, Infinity Partners, to sell Aveng Water and Aveng Namibia Water for R95 million.
Aveng Water is a water treatment process engineering and project delivery business offering services from project development to long term operations and maintenance.
The sale is part of Aveng’s disposal of non-core assets following the company’s strategic review that was undertaken in February 2018. Aveng is in the process of repositioning its operations in fast-growing international markets.
“As part of this process, the group identified core businesses and assets that support its overall long-term strategy and announced that it intends to dispose of certain noncore assets and properties,” the company said in the statement.
Aveng operates businesses in steel, engineering, manufacturing, mining, concessions, public infrastructure and water treatment.
“This sale is another important step in the delivery of Aveng’s strategic action plan and in the refocussing of Aveng to become an international infrastructure and resources group,” the company said.
“The proposed transaction addresses the retention of all existing jobs, surety for the continuation of existing clients’ contracts, and sustainability to ensure the business remains successful well into the future.”
Infinity Partners is a 100 percent black-owned company jointly held by E-Squared Investments and Suzie Nkambule, the current MD of Aveng Water.